The PGF funding will provide $100,000 towards a feasibility investigation of establishing a New Energy Development Centre, and $50,000 towards helping advance the take-up of hydrogen technologies in the region.

“Taranaki has a well-established energy sector dating back more than 70 years,” Shane Jones said.

“It is currently based on conventional oil and gas extraction with the addition of value-added products, such as methanol and ammonia-urea. With the impending shift to renewables, Taranaki is faced with either the gradual demise of this industry or a refocus on the renewable energy market.

“Taranaki companies are well placed to develop a number of clean technologies, taking them out of the lab and into the real world.

“The vision for the future is to have strong, secure and sustainable energy and petrochemical industries, but also to be an exporter of renewable energy, clean energy ideas, solutions and technologies. Ideally Taranaki would be the location of choice for new energy companies and energy technology developers, looking to retain the region’s status as the nation’s energy leader.

“Taranaki has a long history in the energy sector and these investments are designed to find ways of future proofing the industry.

“Change is coming and we need to start getting ready for it,” Shane Jones said.